Increasing consumer awareness regarding leading luxury brands and rising per capita income drive the growth of luxury goods in Turkey.
According to TechSci Research report, “Turkey Luxury Goods Market– By Region, Competition, Forecast and Opportunities, 2017-2027”, the Turkey luxury goods market has expanded significantly in recent years. The increase in demand is mainly attributed to people’s rising per capita income. Luxury goods also signify social status. As a result, people often purchase expensive goods to flaunt their status. According to the trend, the market for luxury goods is predicted to experience encouraging growth during the forecast period.
The growth of online shopping is fueling the market for luxury goods. E-commerce makes it simple to purchase goods made in distant locations. In turn, this has significantly expanded the availability of luxury goods worldwide thus contributing to the growing demand of this market. On the other hand, offline store contributions have dropped considerably. This is a result of online retailers competing with one another.
Turkish consumers’ luxury and discretionary spending are affected by inflation, but their desire for purchasing such products is unabated. Luxury brands are embracing a “less is more” philosophy, doing away with filters, emphasizing quality and craftsmanship, storytelling, and ensuring that brand experiences are inclusive, creating new chances to establish enduring relationships.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on “Turkey Luxury Goods Market“.
The Turkey luxury goods market is segmented based on type, distribution channel, and region. Based on type, the market is segmented into jewelry & watches, clothing & footwear, bags & accessories, and cosmetics & fragrances. Among these, clothing and footwears are the fastest growing segment in the market during the forecast period. The changing lifestyle, brand awareness, and rising per capita income are the factors increasing the popularity of clothing & footwear segment in the Turkey luxury goods market.
Based on distribution channel, the market is segmented into exclusive stores, airports, e-commerce, specialty store & others (departmental stores, hypermarket/supermarkets, multi-branded stores, etc.). Among these, the online segment is expected to be the fastest growing segment in the market during the forecast period because online stores offer attractive product discounts. In online stores, consumers can also differentiate the products and prices from other products. The easy availability of luxury goods in online stores is driving the growth of the luxury goods market in Turkey.
The market is segmented based on region: Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia. Among these, the Marmara region is expected to hold the leading share in the market during the forecast period because it is considered as financial heart of Turkey which fuels the demand for the luxury goods market in Turkey.
Major operating companies operating in the Turkey luxury goods market are:
- L’Oréal Türkiye Kozmetik Tic. ve San. A.Ş.
- Richemont Istanbul Luks Esya Dagitim A.S.
- Shaya Mağazacılık A.Ş.
- Avon Kozmetik .rünleri Sanayi ve Ticaret A.Ş.
- ELCA Cosmetics Ltd. Şti.
- Gucci Turkey Lüks Ürünler Ticaret Limited Sirketi
- Fon Kozmetik San Ve Ltd Sti
- Smella Kozmetik İthalat İhracat Sanayi Ve Ticaret Ltd.
- Orkide Perfume & Cosmetics San A.Ş.
- Gülçiçek Kimya ve Uçanyağlar Sanayi ve Ticaret A.Ş.
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“The Turkey luxury goods market is driven by the rising demand for various types of luxury goods, such as bags, handbags, and clothing items, to improve presentability. In the forecast period, the luxury goods market in Turkey will likely grow due to rising purchasing power brought on by middle-class consumers’ rising disposable incomes. Additionally, the Turkish market is likely to be stimulated by the younger population’s growing propensity for expensive perfumes and cosmetics to improve their appearance and boost confidence in the workplace. Turkey’s luxury goods market is also anticipated to benefit from consumers’ increasing knowledge of top luxury brands during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Turkey Luxury Goods Market By Type (Jewelry & Watches, Clothing & Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (Exclusive Stores, Airports, E-Commerce, Specialty Store & Others (Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores, etc.), By Region (Eastern Anatolia, Central Anatolia, Black Sea, Mediterranean, Aegean, Marmara, Southeastern Anatolia), By Company, Forecast & Opportunities, 2017-2027, has evaluated the future growth potential of the Turkey luxury goods market and provides statistics & information on market size, structure, and future market growth. the report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the luxury goods market in Turkey.
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